Bells ring as shares in Stellantis start trading
Bells rang in both Paris...
And Milan... for the listing of newly formed carmaker Stellantis.
The completion of the mega-merger between Fiat Chrysler and Peugeot-maker PSA took place on Saturday (January 16).
With the union creating the world's fourth largest carmaker.
Shares rose on the first trading day on Monday (January 18).
Stellantis CEO Carlos Tavares hailed the occasion:
"I am very proud to talk to you today to tell you that all of our employees and our management teams are totally focused in the value creation that is embedded in the merger of FCA and PSA, and the creation of Stellantis. As you know well, this merger represents 25 billion euros of value creation. This is the consequence of the accumulation of the synergies that we have listed."
The positive start saw Stellantis shares rising 8% during their European market debut, valuing the business at around $51 billion.
With annual production of around 8 million vehicles and revenues of more than 165 billion euros,
Stellantis is expected to play a key role in the industry's jump into the new era of electrification.
It will have 14 brands, including FCA's Fiat, Maserati and U.S.-focused Jeep.
And PSA's traditionally Europe-focused Peugeot, Citroen, and Opel.
The stock will debut in New York on Tuesday (January 19).
